BItcoin boosts after India's u turn on crypto ban

BITCOIN stopped the rot to clawback $100 overnight and hit $6,261 in the early hours this morning. More potential gains could be on the cards as India softens its stance on cryptocurrencies with a total ban now looking unlikely.

The future of cryptocurrencies in India looks to be moving closer to resolution with Indian Quartz reporting that a finance ministry panel will suggest to regulators and the the government that digital assets be treated as commodities.

A finance ministry panel has been set up to move the discussion on, and a senior government official privy to the panel’s discussions told Quartz: “I don’t think anyone is really thinking of banning cryptocurrencies altogether. The issue here is about regulating the trade and we need to know where the money is coming from.

"Allowing it as a commodity may let us better regulate trade and so that is being looked at.”